Subdued: Promised staff protest evaporates as Oteh resumes at SEC

by Isi Esene

The much touted showdown promised by some members of staff of the Security and Exchange Commission (SEC) turned out to be an anti-climax as the director-general, Securities and Exchange Commission, Ms. Arunma Oteh, returned to her office, in Abuja, Monday, without any form of resistance.

Oteh, who was found innocent on charges of fraud and incompetence levelled against her by the board of the commission, resumed yesterday and immediately called a meeting with directors of the organisation.

Many view her re-instatement as a vindication of her innocence but others see it as a function of her close relationship with certain personalities in the corridors of power.

PriceWaterhouseCoopers (PwC) had last week exonerated her from all allegations of financial impropriety but accused her of ‘administrative lapses’, a indictment which warranted a caution from the respected external auditors.

Despite opposition from several quarters concerning her recall, the Federal Government dug in its heels and insisted she return to her job.

According to the Vanguard Newspapers, the acting DG in Oteh’s absence, Mr. Ibrahim Bello, has reportedly gone on retirement.

Members of the House of Representatives have however criticized the decision to recall Oteh whom they claimed was indicted in their Capital Market probe report.

Ms. Oteh had accused Herman Hembe, the chairman of the House committee investigating the reason behind investors’ loss of confidence, of making illegal financial demands from her. Hembe is currently in court as a result of Oteh’s allegations against him.

With the constant bickering and accusations being thrown back and forth, we do not foresee a dramatic improvement in the fortunes of the Nigerian capital market anytime soon except by some sort of divine intervention.

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